Hedge funds built upon April's strong returns, with the Preqin All-Strategies Hedge Fund benchmark returning +2.89% in May as global markets began to regroup.

It reduced 2020 YTD losses to 2.95% and brought the 12-month return to +1.80% said Preqin's Hedge Fund Performance Update for May.

North America-focused hedge funds posted the highest May return (+4.